Illicit cryptocurrency activity is diversifying, with illicit cryptocurrency volumes for 2024 expected to exceed $51 billion, according to a new report.
Although the total volume identified so far stands at $40.9 billion, historical trends suggest this figure will increase as more wallet addresses are linked to criminal activity, according to the 2025 Crypto report Chainalysis crime.
The report highlights a 25% annual growth rate in illicit activities between reporting periods since 2020.
The report states that “$40.9 billion was received by known illicit addresses today, but we estimate the total could be closer to $51 billion given historical trends.”
This year’s trends indicate increased professionalization within the crypto-crime ecosystem, with the emergence of large-scale on-chain services to support laundering and other illicit activities. A notable example is Huione Garantie, an online marketplace offering whitening as a service.
The group recently launched its own stablecoin, USDH, to escape regulatory scrutiny.
Stablecoins dominate various illicit activities
Stablecoins now account for 63% of all illicit transaction volume, according to the report. This dominance reflects broader trends in crypto usage, with stablecoins being widely adopted for legitimate purposes such as remittances and cross-border payments.
However, ransomware attacks, stolen funds, and scams remain widespread. North Korean hackers are responsible for $1.34 billion of the $2.2 billion in crypto stolen this year, mostly through private key compromises. Scams have also become more sophisticated, incorporating AI-based tactics such as personalized sextortion schemes.
As darknet market activity and scam store volumes declined, ransomware groups continued to make hundreds of millions. Efforts by law enforcement, including dismantling the universal anonymous payment system, have disrupted several operations but have not eliminated their presence.
Despite a decline in the percentage of illicit activity relative to total channel volume – down to 0.14% in 2024 – experts believe these numbers will increase as data attribution improves.
